AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.20% against the USD and closed at 0.7418 on Friday.
LME Copper prices declined 0.1% or $2.5/MT to $6166.0/MT. Aluminium prices rose 0.1% or $7.0/MT to $2102.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7415, with the AUD trading marginally lower against the USD from Friday’s close.
Overnight data showed that, China’s gross domestic product (GDP) expanded by 6.7% on an annual basis in 2Q 2018, in line with market expectations. In the previous quarter, GDP had registered a rise of 6.8%. Meanwhile, the nation’s retail sales advanced 9.0% on a yearly basis in June, higher than market expectations for an advance of 8.8%. In the previous month, retail sales had registered a rise of 8.5%.
Meanwhile, China’s industrial production climbed of 6.0% on an annual basis in June, rising at its slowest pace in 2-years and undershooting market expectations for a rise of 6.5%. In the previous month, industrial production climbed 6.8%.
The pair is expected to find support at 0.7377, and a fall through could take it to the next support level of 0.7338. The pair is expected to find its first resistance at 0.7445, and a rise through could take it to the next resistance level of 0.7474.
Looking forward, investors would keep an eye on the Reserve Bank of Australia’s (RBA) July meeting minutes, scheduled to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
